Consumer outlook plunges in September as inflation outlook worsens
The survey's headline index hit a level of 47.8, down 7.5% from the August reading and off 13.2% from a year ago.
TL;DR
- Consumer sentiment index fell to 47.8 in September, a 7.5% decrease from August and 13.2% from the previous year.
- This is the second-lowest reading on record, with the lowest occurring in May.
- Year-ahead expectations for personal finances and business conditions have dropped significantly.
- The one-year inflation outlook increased to 4.6%, the highest since June.
- Gasoline prices rose 3.9% in August, and fuel oil prices increased by 10.1%.
- Traders anticipate a near-certain Federal Reserve rate hike next week following an annual inflation rate of 3.4%.